If you have a great product idea that you want to bring to market, you have two options that you may want to consider. Each option has its pros and cons, and the route that you choose to go by may depend on a number of factors. Your initial start-up capital will be potentially the biggest element, and you should go into any project with a budget that you can meet.
Manufacturing Your Product
If you are already in the manufacturing industry there will be considerably less work involved in creating the infrastructure that you will need to start making the product. There will be a degree of tooling, programming, and team training involved, and you will need to work through a prototype stage first while you fine-tune the design.
But, when it comes to setting up your own production line, you will need to invest in the purchase, or creation of equipment. A company such as Rex Plating may be able to assist in this area.
One of the biggest benefits to manufacturing the product yourself is that you will have full control over the production. You will not need to wait for an outsourced factory to complete the order, or for the stock to get shipped to you.
Of course, the costs of setting up are monumental, and it may not be worth it for just one product.
Getting Your Product Manufactured For You
A simpler route to market for your product may involve you taking your product to a factory that will be able to manufacture it for you. An existing company may be able to create the tools and molds needed to produce your items. China is a popular choice when it comes to manufacturing companies as the production costs can be considerably lower than those made in domestic factories.
There will be a number of stages that your product will need to go through with a company before it gets manufactured. Firstly you will need designs drawn up, you will need to get prototypes made up. There may be some back and forth involved here as you tweak your designs and the factory gets it right.
An advantage of having your production outsourced to an external manufacturer is that it is much cheaper to set up. Depending on how cheap you could make your own running costs, having overseas production can often mean that your costs are kept much lower.
You will have access to the QC department of the factory, although it is probably wise to employ your own secondary checks on a percentage of the output.
Intellectual Property And Patents
Whether you get your products made in your own factory or outsourced to somewhere else you should make sure that you fully protect yourself and your product from anyone who would seek to profit off your hard work. Make sure that your product is patented, and any trademarks have been filed. To invest heavily in the production of an idea without these protections would be a crash and reckless notion.
- Please note that this post has been written by an outside source – Please see disclosure policy
